Gold Price Forecast January 24, 2018, Technical Analysis

Gold markets tried to rally during the trading session on Tuesday but rolled over to find the $1340 level to offer resistance yet again. As a record this, we have tested the $1330 level, the scene of a minor uptrend line. I believe that the buyers will probably return relatively soon, and therefore we will see a bounce. I think that the market is trying to build up enough momentum to go long, and break above the $1340 level, to reach the $1350 level after that. I believe there is more than enough reason to think that the uptrend is still intact, as there are supportive levels underneath.

In fact, I believe that the market has a bit of a short-term “floor” in it at the $1325 level, so it’s not until we break down below there that I would consider the uptrend in some type of trouble. These pullbacks offer value, and I believe that there should be plenty of traders willing to pick up gold “on the cheap”, as it has been so bullish. If we did breakdown below the $1325 level, then I think we could probably drop down to the $1300 level next, which is the lower support level of the recent trading range that I have been following.

Pay attention to the US Dollar, because if it falls, that should send this market higher as well. The overall attitude has been higher, so I think it’s only a matter of time before we returned to that attitude. I’m willing to buy on the first signs of a bounce, and then add to a position if we can clear the $1340 level.

Price of Gold Video 24.01.18